Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts: 1. Gross income $ 2. Adjusted gross income $ 3. Standard deduction or itemized deduction amount $ 4. Taxable income $
Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts: 1. Gross income $ 2. Adjusted gross income $ 3. Standard deduction or itemized deduction amount $ 4. Taxable income $
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 7P
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Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts:
1. Gross income |
$ |
2. Adjusted gross income |
$ |
3. Standard deduction or itemized deduction amount |
$ |
4. Taxable income |
$ |
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